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What's on tap for investors next week?

Michael Comeau , Minyanville
Published 9:30 a.m. ET Aug. 4, 2013

A deck foreman supervises the off-loading of a Yang Ming container from a ship at the Port of Long Beach in Long Beach, California. Investors will be watching the trade balance because of its strong ties to GDP growth.(Photo: TIM RUE, BLOOMBERG NEWS)

Last week was one of the busiest of the year in terms of data and news, with just some of the highlights being the U.S. Federal Reserveand European Central Bank rate decisions, the July non-farm payroll report, and the first estimate of second-quarter gross domestic product (GDP).

Now let's take a look ahead at what's coming up next week in potentially market-moving news.

On Monday, the Institute for Supply Management (ISM) July services index will be released. Note that the June number was well below consensus and the weakest reading seen since February 2010.

Also on Monday, Dallas Federal Reserve Bank President Richard Fisher will give a speech on the economy in Portland, Ore.

We will see the June trade balance data on Tuesday, which will be closely watched because of its relationship to GDP growth, and as an important barometer for export growth, expectations for which are uncertain because of unsteadiness in Europe and China. There are significant debates over each region's supposed recoveries, and this data could shed some light on the world economy.

Wednesday will see the release of the Mortgage Bankers Association mortgage index, which, while typically not a serious market mover, may get a bit more attention as the Fed highlighted rising mortgage loan rates as a possible risk factor.

The weekly jobless claims report will come on Thursday. Traders may be watching for revisions to this week's much better than expected 326K print, which sparked a huge rally, and to see if we get two impressive weeks in a row.

The earnings calendar will continue to lighten up next week, and with most of the major tech, industrial, and financial companies having already reported, it's unlikely that earnings will be a key driver of market action. But some of the bigger names on deck include News Corp. on Monday, Archer-Daniels Midland and CVS Caremark on Tuesday, and Time Warner on Wednesday.

Momentum traders would do well to watch the action in Tesla Motors and Priceline.com, which report on Wednesday and Thursday, respectively.

While the overall event calendar is pretty light next week, that doesn't guarantee a lack of market action, as the S&P 500 remains near all-time highs despite an uncertain economic outlook and an earnings season that has been mixed at best.